- Canadian mining company Bitfarms has completed the acquisition of crypto platform Stronghold.
- Ben Gagnon, Chief Executive Officer of Bitfarms, discussed the Stronghold deal in an interview with CNBC.
- Bitfarms continues to focus on bitcoin mining as its primary business.
Bitfarms, a Canada-based bitcoin mining company, has finalized the acquisition of Stronghold Digital Mining, Inc. The Bitfarms team confirmed the completion of the all-stock transaction through official press releases and social posts.
In its announcements, Bitfarms described the acquisition as one of the largest public-to-public transactions in the history of the crypto mining industry.
“We are proud to announce the successful acquisition of Stronghold Digital (SDIG),” Bitfarms said. “This milestone significantly expands our footprint in the U.S., strengthens our position in the highly attractive PJM market, and reinforces our leadership in digital asset infrastructure.”
Bitfarms expands its U.S. footprint
The addition of Stronghold marks a new chapter for Bitfarms and the broader ecosystem by opening opportunities for the miner to explore adjacent markets, including artificial intelligence (AI) workloads.
Bitfarms plans to leverage Stronghold’s assets to broaden its capabilities in crypto infrastructure. Ben Gagnon, Bitfarms’ CEO, addressed the Stronghold agreement during a CNBC interview on March 17, 2025.
According to Gagnon, the acquisition—valued at more than $110 million and initially announced in August 2024—represents a strategic transaction for the company. Integrating Stronghold’s assets into Bitfarms’ operations will not only increase the miner’s energy capacity but also strengthen its presence across the United States.
“Completing this strategic acquisition further expands our U.S. footprint and positions us as a leader in the PJM market. With Stronghold’s energy asset portfolio combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders,” Gagnon said.
While Bitfarms explores revenue diversification through AI and high-performance computing (HPC), Gagnon emphasized that bitcoin mining remains the company’s core activity, even amid market conditions that have seen some miners offload assets.
“Our primary business remains bitcoin mining, but we see significant potential in utilizing our infrastructure for HPC and AI, particularly with the energy assets acquired from Stronghold,” he noted.
Share-based transaction and debt settlement
Under the terms of the deal, Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share they held. The transaction also included repayment of Stronghold’s outstanding debt of approximately $44.5 million.
The closing follows months of strategic activity, including Bitfarms fending off an unsolicited takeover offer from Riot Platforms in 2024.
With the acquisition completed, Bitfarms is positioned to capitalize on an enhanced infrastructure base and market standing with the goal of delivering long-term value to shareholders.
Operationally, Bitfarms reported mining 213 BTC, representing a 6% month-over-month increase. The company’s operational hashrate reached 16.1 EH/s, also up 6% in February. Bitfarms held 1,260 BTC in its treasury at the time of reporting.